GBP struggles …

http://bartscharts.com/2013/11/26/great-british-pound-again/

here’s where we are …

GBP last target for the triangle thesis

GBP last target for the triangle thesis

we have discussed in former posts the importance of the 1.68179 ratio and it’s relationship to the equal octave scale of music and how, at times, the .68179 price projection technique is very helpful. in a triangle, you have 5 waves – a,b,c,d,e and they are “normally” w/in the .618 relationship.  well, in the case of the Pound you can see .68179 and .886 have been very strong ratio’s.  so, this entire triangle thesis is about 50 pips from become a reality or getting blow out of the water.  I tested a small short last month and was stopped out … since then, I have been waiting for 5 waves at a lesser degree (time frame) to support the thesis.  It hasn’t happened ….so, this final level as shown in the chart above will be my line in the sand.  this has been one heck of a fight …

 

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